It's not often that I post a point and figure chart but passing this one up would be akin to criminal negligence.
Depicted here is the chart for GLD, the gold ETF.
As you can see, it has, after failing many times, overtaken its resistance at 68. Now don't forget that in point and figure charting, closing prices don't matter, only highs and lows do. So all that matters is that GLD traded above 69 today even if it closes below 69 (which looks like it will, as of this writing).
That is a very bullish development and gives very good odds that GLD will soon make new highs above 72.26.
Gold is said to go up when inflation threatens. With all the market turmoil, central banks around the world have to either stop raising rates or lower them, and this despite the fact that inflation measures are still in overheating mode. No wonder GLD is feeling the heat. It could be melting up soon. Keep an eye on it.
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